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Principal manages $755 million in core-plus fixed income and was put on watch “due to modest underperformance over the last year,” Ms. Akre wrote in an e-mail. A spokesman at Principal didn't return a call for comment by press time.

RREEF, which manages $375 million in equity core real estate and $294 million in a REIT, was put on watch because of “concerns about the potential impact from the failed Guggenheim (Partners) buyout,” said a summary prepared by the IPERS board. Discussions between
Guggenheim Partners and Deutsche Bank over the sale of DB's RREEF business ended June 20 without a deal.